What was the fair value at the beginning of the year 2024 for Qualifi-related benefits for Del Taco?
Del_Taco Franchise · 2025 FDDAnswer from 2025 FDD Document
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Obligations and funded status — The following table provides a reconciliation of the changes in benefit obligations, plan assets, and funded status of our retirement plans for each fiscal year (in thousands):
| Qualifi | ed I | Plan | SERP | Postretirement I | Health Plans | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||
| Change in benefit obligation: | ||||||||||
| Obligation at beginning of year | $ 266,345 | $ | 293,342 | $ | 53,513 | $ 56,891 | $ | 11,891 | $ | 12,577 |
| Interest cost | 15,791 | 16,068 | 3,188 | 3,149 | 711 | 700 | ||||
| Participant contributions | _ | _ | _ | _ | 102 | 101 | ||||
| Actuarial loss (gain) | 29,769 | (13,792) | 5,199 | (1,287) | 1,186 | (383) | ||||
| Benefits paid | (13,985) | (14,884) | (4,803) | (5,240) | (1,268) | (1,145) | ||||
| Settlements and other | _ | (14,389) | _ | _ | 32 | 41 | ||||
| Obligation at end of year | $ 297,920 | $ | 266,345 | $ | 57,097 | $ 53,513 | $ | 12,654 | $ | 11,891 |
| Change in plan assets: | ||||||||||
| Fair value at beginning of year | $ 275,143 | $ | 303,951 | $ | _ | $ _ | $ | _ | $ | _ |
| Actual return on plan assets | 41,281 | 465 | _ | _ | _ | |||||
| Participant contributions | _ | _ | _ | _ | 102 | 101 | ||||
| Employer contributions | _ | _ | 4,803 | 5,240 | 1,134 | 1,002 | ||||
| Benefits paid | (13,985) | (14,884) | (4,803) | (5,240) | (1,268) | (1,145) | ||||
| Settlements and other | _ | (14,389) | _ | _ | 32 | 42 | ||||
| Fair value at end of year | $ 302,439 | $ | 275,143 | $ | $ _ | $ | _ | $ | ||
| Funded (unfunded) status at end of year | $ 4,519 | $ | 8,798 | $ | (57,097) | $ (53,513) | $ | (12,654) | $ | (11,891) |
| Amounts recognized on the balance sheet: | ||||||||||
| Noncurrent assets | $ 4,519 | $ | 8,798 | $ | _ | $ _ | $ | _ | $ | |
| Current liabilities | _ | _ | (5,124) | (5,138) | (1,111) | (1,072) | ||||
| Noncurrent liabilities | _ | _ | (51,973) | (48,375) | (11,543) | (10,819) | ||||
| Total asset (liability) recognized | $ 4,519 | $ | 8,798 | $ | (57,097) | $ (53,513) | $ | (12,654) | $ | (11,891) |
| Amounts in AOCI not yet reflected in net periodic benefit cost: | ||||||||||
| Unamortized actuarial loss (gain), net | $ 100,938 | $ | 99,871 | $ | 18,542 | $ 13,974 | $ | (8,132) | $ | (10,232) |
| Unamortized pr |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 58)
What This Means (2025 FDD)
According to Del Taco's 2025 Franchise Disclosure Document, the fair value at the beginning of 2024 for Qualifi-related plan assets was $275,143,000. This figure represents the value of assets specifically designated to cover the obligations of the Qualifi plan at the start of the fiscal year.
The Qualifi plan is a component of Del Taco's overall employee benefits program. Understanding the assets and obligations associated with such plans can provide insight into the company's long-term financial commitments and how it manages its employee benefits. For a prospective franchisee, this information is relevant as it reflects the financial health and stability of the franchise system.
It's important to note that this fair value is a snapshot in time and can fluctuate based on market conditions and other factors. The FDD also includes details on changes in benefit obligations, interest costs, participant contributions, and other elements affecting the plan's financial status, offering a comprehensive view of Del Taco's benefit-related financial management.